Get all your news in one place.
100’s of premium titles.
One app.
Start reading
Reuters
Reuters
Business

Shares of Australia's AMP fall to six-year low on Macquarie downgrade

FILE PHOTO: The logo of AMP Ltd, Australia's biggest retail wealth manager, adorns their head office located in central Sydney, Australia, May 5, 2017. REUTERS/David Gray/File Photo

SYDNEY (Reuters) - Shares in Australian wealth manager AMP Ltd <AMP.AX> fell to a six-year low on Friday after Macquarie Group Ltd <MQA.AX> said the firm could see A$35 billion in investor outflows following revelations of board-level misconduct.

Macquarie also downgraded the stock rating to "neutral" from "outperform" and lowered its price target to A$4.30 from A$5.65.

AMP shares were down 5.3 percent in morning trading to A$3.75, their lowest level since 2012, while the broader market <.AXJO> was trading slightly higher.

(This version of the copy corrects year in third paragraph to 2012, not 2016)

(Reporting by Paulina Duran; Editing by Byron Kaye and Stephen Coates)

Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member? Sign in here
Our Picks
Kelly Osbourne Net Worth: Will Her Income Remain at $16M Despite Lack of New Projects?
Explore Kelly Osbourne's impressive $16 million net worth, her income streams, and how her lavish lifestyle continues despite personal challenges.
International Business Times UK
International Business Times UK
CM Punk And Roman Reigns' WrestleMania Feud Is Hitting Hard, And There Are A Few Specific Reasons Why
This is the most heated WrestleMania feud I've seen in years.
Cinemablend
Cinemablend
“Feel Better Princess?”: These 59 Photos Induce Secondhand Embarrassment So Bad, You May Feel It In Your Skin (New Pics)
A cringeworthy experience means secondhand embarrassment, which means you’re empathizing with a person. However, it also gives off the same emotions as hearing fingernails run down a chalkboard. It makes your face remain crumpled for a few good seconds, much like what the following posts might also do to you.
Bored Panda
Bored Panda
73 Times Women Shared Their Thoughts And Made People Crack Up
Twitter might have doubled its famous 140 character limit back in 2017, but the spirit of the perfectly crafted short joke is still alive and well. In fact, some of the funniest posts still manage to squeeze a whole punchline, a relatable moment and a little bit of chaos into…
Bored Panda
Bored Panda
Cardi B Has the Best Reaction to Nicki Minaj's Sister Attending Her Concert Amid Rappers' Feud
Explore the ongoing feud between Cardi B and Nicki Minaj, including recent developments involving Minaj's half-sister, Ming Li.
International Business Times UK
International Business Times UK
The 'Giant Hands' Conspiracy Theory: Trolls Urged Kelly Osbourne To Get Some Help After 'Corpse Bride' Look At BRIT Awards
Kelly Osbourne used Instagram to condemn online abuse after appearing at the BRIT Awards with Sharon Osbourne to collect a Lifetime Achievement Award for Ozzy Osbourne.
International Business Times UK
International Business Times UK
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.
Download on the AppStore Get it on Google Play